Compliments  ^  f 

Kn  icKe  rbo  cKe  r 
Urtist  Company 


When  Banks  Began 


H  Jfew  facts 
ant> 

H  few  fancies 


A* 


COPYRIGHTED  1902  Br 
EBEN  STORER 


PRESS  OF  EDEN  STORE* 
NEW  YORK 


DURST 


Ve  Olde  Cyme  Banking  Place 

We  cannot  show  you  the  real  "  first  bank."  The 
above  half-tone  is  of  the  Captain  Kidd  bank,  a  typ- 
ical American  banking  institution  of  the  year  1  695. 


PHILADELPHIA,  PA. 
FIRST  BANK  IN  AMERICA 

early  Banks 

The  very  earliest  bank  of  which  reliable  record 
is  found  was  the  Bank  of  Venice,  founded  1171. 
A.D.  Other  early  banks  were  the  Bank  of  Barce- 
lona (1401  ),  the  first  to  negotiate  foreign  bills  of 
exchange  ;  the  Bank  of  Genoa  (1407).  the  first  to 
issue  circulating  notes;  the  famous  Bank  of  Am- 
sterdam (1607).  Bank  of  Hamburg  ( 1 6 1 9),  Bank  of 
Rotterdam  (1635),  and  the  Bank  of  Stockholm 
(1680). 


new  York's  first  Bank 


In  1800  there  were  two  banks  doing  business  in 
New  York  City  ;  the  Bank  of  New  York,  founded 
1784.  and  the  Bank  of  the  Manhattan  Company, 
founded  1799. 

The  former  was  originally  located  at  No.  156 
Queen  Street  (now  Pearl  Street),  in  the  old  Walton 
Mansion,  and  in  1787  was  moved  to  No.  11  Han- 
over Square,  to  a  house  purchased  from  the  heirs  of 
Nathaniel  Hazard.  Here  the  Bank  remained  for  ten 
years,  being  then  removed  to  the  northeast  corner 
of  Wall  and  William  Streets  (where  it  still  stands). 

The  bank  was  kept  open  "  every  day  except  Sun- 
days. Christmas,  New  Year"s,  Good  Friday,  Fourth 
of  July,  and  special  holidays  appointed  by  law." 
The  hours  of  business  were  from  ten  to  one  in  the 
forenoon  and  from  three  to  five  in  the  afternoon. 

Discounts  were  made  twice  a  week  and  not  for 
longer  than  30  days. 

In  1789  the  State  Senate  was  petitioned  to  incor- 
porate the  bank,  that  the  liability  of  individual  own- 
ership might  not  continue  to  prevent  its  growth. 
The  charter  was  granted  in  1791. 

The  money  used  at  that  time  was  in  pounds,  shil- 
lings and  pence,  in  New  York  Currency,  the  dollar, 
which  was  worth  eight  shillings,  being  merely  money 
of  account  by  which  the  other  was  measured. 


&  &  &  $ 


THE  WALTON  HOUSE,  IN  WHICH  THE  BANK  OF 
NEW  YORK  COMMENCED  BUSINESS 
JUNE  9,  1  784 


THE  BANK  OF  NEW  YORK,  1797 


NATIONAL  NEWARK  BANKING  CO. 
NEWARK,  N.  J. 
1  804 


MASSACHUSETTS  NATIONAL  BANK 
BOSTON,  MASS. 
1  784 


money 

A  modern  paraphrase  of  Pope's  oft-quoted  line 
would  seem  appropriately  to  be.  '"The  proper  study 
of  mankind  is  money.'"  Proper  or  improper,  it  must 
be  admitted  that  money  is  the  specialty  to  receive 
the  most  attention. 

Doubtless  it  has  been  so  since  mankind  first  dis- 
covered that  the  acquisition  of  wealth  is  desirable. 

The  American  Indians  were  quite  as  industrious 
in  planning  to  add  to  their  wampum  store  as  were 
the  early  colonists  in  hoarding  the  few  rare  bits  of 
specie  that  came  their  way. 

The  ingenious  devices  of  our  forefathers,  who  not 
only  clipped  every  coin  that  passed  through  their 
hands,  but  even  cut  silver  dollars  into  halves  and 
quarters  called  "sharp  shins"  (in  Richmond  in  1790), 
culminated  in  the  gigantic  coin-clipping  bee  held  by 
Uncle  Sam  upon  the  arrival  of  the  nice  fresh  coins 
of  the  big  French  loan.  That  mankind  has  to  ad- 
vantage studied  money  and  money-making  is  suffi- 
ciently evidenced  by  the  commonness  of  large  for- 
tunes nowadays. 

Money  is  the  all-absorbing  study.  Some  seek 
ways  to  acquire  it.  some  to  spend  it,  but  then  it  is 
always  money. 


BANK  NOTE,  1809 


Che  first  Check 

The  first  checks  on  record  were  the  inscriptions 
of  credit  by  means  of  which  depositors  in  that  first 
European  bank,  the  Bank  of  Venice,  transferred 
their  funds. 

Money  deposited  in  that  bank  could  not  be  with- 
drawn, but  could  be  transferred  at  will.  Almost 
any  one  could  run  a  bank  on  such  a  basis. 

The  checks  were  certified,  passed  as  currency, 
and  were  at  a  premium  because  of  the  mutilated 
condition  of  the  specie  of  that  time. 

The  Bank  of  Genoa  circulating  notes  were  used 
much  as  checks,  being-  negotiable  only  by  endorse- 
ment. Checks  have  followed  the  form  of  money  all 
the  way  down  through  the  centuries,  and  a  com- 
plete collection  of  the  check  forms  of  a  country 
would  be  a  financial  history  of  that  country.  Early 
days  ( 1 785)  in  Tennessee — or  Franklin,  as  that  ter- 
ritory was  at  first  called — might  be  indicated  by 
orders  to  "  pay  to  John  Doe  or  bearer  one  gal.  peach 
brandy  and  one  raccoon  skin,'*  which  same  were 
actually  legal  tender  for  3  shillings  and  9  pence." 

The  State  officers,  from  governor  down  to  hang- 
man, were  ordered  paid  in  such  currency  at  that  time. 

In  1722  farm  produce  was  legal  tender  in  North 
Carolina.  Think  of  a  check  for  100  beets  !  Farm 
produce,  though,  was  less  likely  to  be  counterfeited 
than  pelts,  in  which  deception  was  practiced  often 
in  such  ways  as  by  making  otter  skins  by  rolling  up 
raccoon  skins,  leaving  an  otter  tail  hanging  out.  A 
pretty  foxy  lot  were  our  great-great-grand-sires  ! 
We'll  hope  that  their  individual  paper  was  better 
than  that  of  their  banks. 


CHECK,  1784 
SIGNED  BY  AARON  BURR 


modern  BanKs 


How  we  do  grow  in  this  country!  And  our  banks 
o'ertop  all  the  rest  of  our  tropic  financial  vegeta- 
tion. It  seems  worth  while  to  note  here  that  in  spite 
of  the  rapid  growth  of  our  banking  institutions, 
their  increase  in  soundness  and  solidity  has  been  in 
direct  ratio  to  their  growth. 

To  write  an  appreciation  of  the  modern  bank 
would  require  a  monograph  of  more  pages  than  this 
entire  booklet.  As  for  picturing  just  those  banks 
that  we  ourselves  know,  it  wculd  be  quite  im- 
possible. 

The  following  half-tones  show  a  few  of  our 
up-to-date  banks. 


KNICKERBOCKER  TRUST  COMPANY 
FIFTH  AVENUE  AND  34th  STREET,  NEW  YORK 


INTERIOR  VIEW 

LONG  ISLAND  LOAN  &.  TRUST  CO.,  BROOKLYN,  N.  Y. 


BANK  OF  NORTH  AMERICA,  PHILADELPHIA,  PENN. 


3?  9  9 

From  those  old-time  banking  institutions,  with 
their  rudimentary  methods  and  forms,  it  is  a  far  cry 
to  the  banks  of  to-day  with  their  beautifully  de- 
signed, embossed  or  engraved  checks  and  letter- 
heads. 

The  making  of  bank  stationery  ought  to  be  class- 
ed among  the  fine  arts  nowadays.  It's  worthy  of  a 
William  Morris  or  a  Roycroft  shop. 

It's  an  old-fashioned  bank  that  doesn't  use  high- 
grade  stationery,  and  in  spite  of  our  desire  to  bs 
just  to  all  persons  in  spite  of  externals,  we  must 
say  that  a  man  can  be  judged  by  his  clothes  and  a 
bank  by  its  stationery.  Not  a  bank's  reserve  fund, 
perhaps,  but  its  progressiveness  and.  if  you'll  accept 
the  word,  accommodativeness.  No  one  can  judge 
reserve  funds  by  outside  appearances.  That  old 
Amsterdam  bank,  with  a  reputation  for  unlimited 
resources  and  fifty  millions  of  dollars  in  its  vault, 
didn't  have  a  cent.  The  revolutionary  soldiers 
broke  in,  in  1794,  and  found  that  to  be  the  case- 
much  to  their  regret,  for  there  was  no  money  in 
robbing  an  empty  bank. 


LAST  DAY  IN  THE  OLD  STOCK  EXCHANGE 


NEW  YORK  CLEARING  HOUSE  and  CHASE  NATIONAL  BANK 


NATIONAL  BANK  OF  COMMERCE,  NEW  YORK 


LIBERTY  NATIONAL  BANK 
NEW  YORK 

Sbin  Plasters 

From  Poor  Richard's  Almanac. 

Light  purse,  heavy  heart. 

Great  talkers,  little  doers. 

In  success  be  moderate. 

A  good  lawyer,  a  bad  neighbor. 

He  that  drinks  fast  pays  slow. 

If  you  have  time,  don't  wait  for  time. 

Keep  your  mouth  wet.  your  feet  dry. 

Diligence  is  the  mother  of  good  luck. 

The  family  of  fools  is  ancient. 

Creditors  have  better  memories  than  debtors. 

Don't  think  to  hunt  two  hares  with  one  dog. 

Be  neither  silly,  nor  cunning,  nor  wise. 

Keep  thy  shop  and  thy  shop  will  keep  thee. 

Nothing  but  money  is  sweeter  than  honey. 

Hope  and  a  red  rag  are  baits  for  men  and  mackerel. 

The  good  paymaster  is  lord  of  another  man's  purse. 


Let  thy  maid-servant  be  faithful,  strong-  and  homely. 
Take  counsel  in  wine,  but  resolve  afterwards  in 
water. 

By  diligence  and  patience  the  mouse  bit  in  two  the 
cable. 

Wealth  is  not  his  that  has  it.  but  his  that  enjoys  it. 
There  are  many  witty  men  whose  brains  cannot  fill 
their  bellies. 

He  that  sells  upon  trust  loses  many  friends  and 

always  wants  money. 
Creditors  are  a  superstitious  set.  great  observers 

of  set  days  and  times. 
God  works  wonders  now  and  then  : 
Behold!  a  lawyer,  an  honest  man. 
If  you  know  how  to  spend  less  than  you  get.  you 

have  the  Philosopher's  stone. 
The  proof  of  gold  is  fire  ;  the  proof  of  woman,  gold: 

the  proof  of  man,  a  woman. 
There  are  three  faithful  friends  :  an  old  wife,  an 

old  dog,  and  ready  money. 


HANOVER  NATIONAL  BANK,  NEW  YORK 


NEW  YORK  CLEARING  HOUSE 


NATIONAL  CITY  BANK,  BROOKLYN.  NEW  YORK 


CAPITAL.  $1,000,000 
9 

Knickerbocker  £ru$t  gompany, 

234  Fifth  ^rf-Venue.  cor.  27th  Street. 
"Branch  Offices,  66  Uroadtuay,  and 
100  tOest  125th  St..  JVebu  yQrK. 

officers: 

CHAS.  T.  BARNEY,  President. 

FRED'K  L.  ELDRIDQE,  1st  Vice-President. 

JOSEPH  T.  BROWN,  2d  Vice-President. 
WM.  B.  RANDALL,  Trust  Officer. 

FRED'K  GORE  KING,  Secretary  and  Treas. 
JULIAN  M.  GERARD,  Ass'T  Sec.  and  Ass'T  Treas. 
B.  L.  ALLEN,  Manager  Harlem  Branch 


UMKHOf-hf-R   TRUST  CO. 
DOWNTOWN  BRANCH 
66  8 ROADWAY 


Legal  "Depository  for  State, 
City  and  Court  Funds. 


nterest  allowed  on  Time  Deposits.  Deposits  also  re- 
ceived subject  to  Demand  Checks,  which  pass  through 
the  Clearing-  House  as  do  those  upon  any  city  bank. 
Authorized  to  act  as  Executor  or  Administrator  of  Es- 
tates, and  as  Guardian,  Receiver.  Registrar.  Transfer  and 
Financial  Agent  for  States.  Cities.  Towns.  Railroads,  and 
other  corporations,  and  to  accept  any  other  Trusts  in  con- 
formity with  the  laws  of  any  State  or  of  the  United  States. 
Letters  of  Credit  furnished. 


"Business  and  Persona/ 
^/iccounts  ~S~olicited. 


